When you’re renting an apartment, a credit score check is usually part of the application process. A stronger credit score often means a better chance of approval. But here’s a common question: if paying rent is one of your biggest monthly expenses, why doesn’t it count towards your credit score? Good news, it can! Here are some ways renters are building their credit while paying their rent.
When you rent with Avenue Living, you get access to our partner Zenbase, a platform that helps renters take control of their finances and improve their overall financial wellness.
Zenbase’s main service, CustomRent, allows you to split your rent into two smaller payments instead of one large lump sum. You choose two dates in the month, one near the beginning and one around the middle or end. This flexibility ensures your payments are always reported on time without the stress of waiting for payday or worrying about late fees.
Zenbase also offers CreditBuilder, a service that helps you build your credit simply by paying your rent. Each on-time payment is reported to Equifax and TransUnion, creating a new tradeline on your credit report. Over time, these consistent payments can strengthen your credit score.
In Canada, rent payments can only be reported through a third-party service like Zenbase. Currently, Zenbase is the only dual rent reporting service, meaning they are the only platform where you can get your rent payments reported to both Equifax and TransUnion. As an Avenue Living resident, you can access CreditBuilder for free when you sign up for CustomRent.
Another tool renters can take advantage of is CreditBoost by Zenbase. This service opens a line of credit in your name, which increases your available credit limit and lowers your overall credit utilization ratio, a key factor in your score. With this, you are giving your credit profile an extra lift while continuing to pay rent as usual.
The Bottom Line
Through Zenbase, renters at Avenue Living can:
- Split rent payments into two smaller, flexible payments with CustomRent
- Build credit by reporting on-time rent payments with CreditBuilder
- Boost credit scores by improving credit utilization with CreditBoost
Your rent is more than just a monthly expense, it can also be a tool for building long-term financial health. For more information visit: https://www.avenueliving.ca/financialhealth